Goodman Group has struck one of Australia's largest residential site deals with an agreement pending for the sale of its holding in Sydney's Ashmore Precinct urban-renewal area. The industrial property powerhouse has secured a purchaser for the business park in Erskinville for a price estimated at more than $350 million. The group holds industrial parks that have the potential to be converted into more than 35,000 unit blocks in strategic inner-city locations across Australia and has been selling since last year. Given the scale of the anticipated transaction, it is likely an offshore group will be involved but a group that has done business with Goodman - China's Country Garden, which bought a park in North Ryde for an aprtment project - has distanced itself from any transaction. Last month the company said it has $500 mil of urban renewal sites on the market, under due diligence or sold in Australia and Britain.
Source: The Australian - Thursday 6 November 2014